Norway gas outage bumps UK gas prices – DMR

Short term gas prices in the UK were firmer today after an unplanned outage at a gas field in Norway, according to the daily market report. However this “bullish news” […]

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By Vicky Ellis
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Short term gas prices in the UK were firmer today after an unplanned outage at a gas field in Norway, according to the daily market report.

However this “bullish news” won’t stop the UK gas system balancing out today, said Tim Carter, Client Portfolio Manager at npower.

The price of gas for next month and next season are at “similar levels” to yesterday, he said.

Carter said: “Front month gas contract now trading at 46.8p per therm, again having already swung by more than a penny this morning.”

Meanwhile, he added: “The front season is 0.4 or 0.5 pence per therm up, at 43.85p.”

Power prices relaxed this morning after opening relatively high, with contracts for February 15 last trading at £40.50 per megawatt hour (/MWh), he said: “That’s 35p higher than the close.”

The power system is continuing in “extreme comfort”, said the market expert, with peak margins of nearly 16GW and this could spike to anywhere near 17GW today.